They began tossing out ideas for a signature annual fundraising event.

For example, a formal dinner on the Battleship Massachusetts, a golf tournament, an adult spelling bee or a television game show hosted by Fall River Community Access TV personality Richard Urban.

“It’s very educational. We could do it in an auditorium,” said Urban, a foundation board member.

They’re all ideas at this point. And there may be time to hold a kickoff event before the year’s end, said the foundation’s new president.

“We have a lot of work ahead of us,” Medeiros said. “Let’s think about what makes sense, so we can plan something.”

The group applied for and has been granted 501(c)(3) nonprofit organization status. BankFive and the Fall River Rotary Club provided the funds to register with the Massachusetts secretary of state’s office and the Internal Revenue Service.

Eleven of the board’s 16 members graduated from the school, and others have received honorary diplomas.

“This is a very distinguished group,” said Hill. “There’s a lot of brainpower in this room.”

The plan now is to reach out to Diman alumni and to partner with local businesses.

Many of those businesses have benefited from collaborations with the school in the past, according to Sawejko, president Battleship Cove.

“People are going to come out of the woodwork now. There’s a new way to give back to Diman. It provides a window of opportunity, a new sense of awareness,” Sawejko said.

The organization’s next meeting will take place in October.

Funds raised by the group will go toward projects meant to enhance the student experience at Diman, according to board members.